U.S. Census Bureau statistics show that the annual earnings for persons with a high school diploma are $35,220 versus $57,925 for someone with a bachelor's degree. If the cost of attending college is assumed to be $30,000 per year for 4 years and the forgone earnings during those years are assumed to be $35,220 per year, what rate of return does earning a bachelor's degree represent? Use a 35-year study period.